Insurance Resources and Glossary
Explore our comprehensive glossary of insurance terms and access important forms with Family Insurance Agency. Learn and stay informed about your coverage.
Glossary of Important Insurance Terms
The value of your property, considering depreciation.
A professional who analyzes financial risks using mathematics, statistics, and financial theory.
A person who investigates and settles insurance claims.
The maximum amount an insurer will pay during a policy period.
The person or entity designated to receive the benefits from an insurance policy.
A request made to an insurance company for payment of a loss.
Pays for damage to your vehicle resulting from a collision.
Protects against non-collision-related damage to your vehicle, such as theft or vandalism.
The protection and benefits provided by an insurance policy.
The amount you pay out of pocket before your insurance coverage kicks in.
The decrease in value of an asset over time.
A modification to an existing insurance policy that adds or removes coverage.
Specific conditions or circumstances that are not covered by the insurance policy.
Intentional deception to secure unfair or unlawful gain.
Covers the difference between the actual cash value of a vehicle and the amount owed on it.
The time after the due date of a premium during which the policy remains in force without penalty.
Compensation for a loss or damage as specified in an insurance policy.
A financial interest in the insured item or person.
Insuring Agreement: The section of an insurance policy that outlines the coverage provided.
Covers legal costs and damages if you’re found responsible for someone else’s injury or property damage.
Coverage that pays for a rental car if your vehicle is being repaired due to a covered claim.
The person or entity specifically named in an insurance policy.
The maximum amount an insurer will pay for a single event or claim.
A specific risk or cause of loss covered by an insurance policy.
The person or entity who owns the insurance policy.
The amount you pay for your insurance policy, typically monthly or annually.
The cost to replace damaged property with new property of similar kind and quality.
An addition to an insurance policy that provides additional coverage.
The process by which an insurance company seeks reimbursement from the responsible party for a claim it has paid.
Misleading a policyholder to replace their existing policy with a less favorable one.
Extra liability insurance that provides coverage beyond the limits of your other policies.
The process insurers use to evaluate the risk of insuring a client.
